The AnteoTech Ltd (ASX: ADO) share price is rocketing today. This comes after news the company has submitted its SARS-CoV-2 antigen rapid diagnostic test for Therapeutic Goods Administration (TGA) approval.
According to the company, its rapid diagnostic test is able to detect COVID-19 in 97.3% of cases and can provide results in 1 minute.
At the time of writing, the AnteoTech share price is 29.5 cents, 7.27% higher than its previous close.
Let's take a closer look at today's news from the biotechnology company.
Rapid COVID-19 test submitted for TGA approval
The AnteoTech share price is soaring after the company announced it has submitted its COVID-19 rapid diagnostic test for TGA approval.
AnteoTech's test uses a nasal swap to test for COVID-19 infections in 1 minute. AnteoTech is also working on creating a saliva-based sampling method.
The test has been submitted for TGA approval alongside AnteoTech's Eugeni Reader Platform – a transportable device needed to read AnteoTech's rapid COVID-19 tests.
If the products receive TGA approval, AnteoTech will begin marketing, selling, and using the tests in Australia.
AnteoTech is already working with Australian distributor, Abacus dx, in the hope the rapid testing products will be approved.
Abacus has a strong pipeline of potential customers for the test across the healthcare and screening markets. AnteoTech believes the test's first sales will happen shortly after it's listed on the Australian Register of Therapeutic Goods.
The AnteoTech share price soared 14% last week when the company announced a distribution agreement to sell the rapid tests in Greece and Cyprus.
Additionally, if the TGA grants approval for the rapid test, it will create a benchmark for its efficacy and quality.
Currently, numerous COVID-19 rapid diagnostic tests are approved for use in Australia.
However, the TGA advises rapid diagnostic tests for COVID-19 shouldn't be relied upon. The body says the prevalence of COVID-19 in Australia is lower than the number of false positives or false negatives that would likely result from rapid testing.
AnteoTech share price snapshot
Today's gains included, the AnteoTech share price is 168% higher than it was at the start of 2021.
It has also gained 268% since this time last year.
